August 24, 2021, Vancouver, BC – Concert’s CREC Commercial Fund LP (the “Fund”) today announced it has completed the purchase of two flex-office buildings in Toronto comprised of approximately 122,000 square feet of leasable area. This acquisition further increases the depth of high-grade commercial properties Concert owns in Ontario and across Canada and represents a valuable addition to the company’s portfolio.
The property is strategically located at 2 and 30 International Boulevard next to the Airport Corporate Centre and Toronto Pearson Airport. This area forms part of the Airport Megazone, a major regional employment centre with a wealth of amenities and exceptional accessibility via Toronto’s major 400-series highways and extensive transit networks.
The property includes a diverse array of long-term corporate tenants including Life Labs, WSP, and Canada Bread, among others, who have made significant investments in their spaces. Each building offers large, open floorplates that allow for highly customizable, open-concept spaces providing maximum flexibility to adapt to ever-changing tenant workspace requirements.
With initial occupancy in 2019, 2 International Boulevard is a best-in-class, flex-office building built to the LEED Gold standard. The building includes ample natural light, a low common-area gross-up factor and 266 parking stalls, or 3.6 stalls per 1,000 square feet.
Next door is 30 International Boulevard, providing a complementary flex-office space that recently underwent an extensive renovation, including energy efficient exterior glazing and cladding retrofit, with first occupancy occurring in 2018. The building features 191 parking spaces, or 3.9 stalls per 1,000 square feet.
With onramps to Highways 401 and 427 nearby, the property provides some of the best vehicular access of any existing office building in this area, and access to Highway 407 is only 10 minutes away. The area is also served by extensive transit infrastructure, including Toronto’s TTC and Mississauga’s MiWay bus systems, with additional connections to GO Transit at Renforth and Kipling Stations which both serve as transit hubs in the region.
“This is an exciting acquisition as it represents an excellent opportunity for the Fund to deepen its holdings in the Greater Toronto Area with a quality flex-office property, while supporting Concert’s continued growth and expansion,” says Brian McCauley, Concert’s President & Chief Executive Officer.
“This deal represents a rare opportunity to strengthen our commercial income-producing property portfolio through the addition of an exceptional property in the country’s second largest employment zone after downtown Toronto, anchored by a diverse group of long-term corporate tenants who have made significant investments in their premises,” says Andrew Tong, Managing Director of the CREC Commercial Fund LP.
About CREC Commercial Fund LP
Concert’s fully-subscribed CREC Commercial Fund LP is a diversified Canadian portfolio. With ongoing plans to expand, this open-ended, limited partnership fund maximizes long-term value for investors by investing in, and actively managing, industrial and office real estate in Canada. The high-quality portfolio is managed by Concert Realty Services Ltd. and serves as Concert’s exclusive commercial platform. The Fund is supported by multiple Canadian pension funds and institutional investors. The Fund’s portfolio is comprised of office and industrial properties with an asset value in excess of $2.0 billion and over 10 million square feet of leasable area.
Since 1989, Concert has proudly developed, acquired and managed Canadian real estate in pursuit of building a people-first future. With over $7 billion in assets, we are backed and owned by over 200,000 Canadians, represented by union and management pension plans. We deliver rental apartments, condominiums, seniors' active aging communities, industrial and commercial properties, and public infrastructure projects, and in each business, our vision remains the same: building resilient, inclusive, sustainable communities.
Director, Corporate Communications
Krystal Carter, Beattie Tartan